A financial services startup with a focus on employees of smaller businesses, Qbera, has raised a new investment round worth $3 million.

Having started services earlier this year, the company founded by Aditya Kumar and Anubhav Jain has a focus on personal lending and involves some criteria to be eligible for a loan, including a credit history.

The Bengaluru-based company has plans to further expand its offerings in the future to include those who are self-employed as well as a variety of loans at various lengths and amounts, as reported by Economic Times.

The investment round was led by E City Ventures, which is a Mumbai-based firm run by media and packaging company,  Essel Group.

“We are in eight cities presently, and will now expand business to new cities like Patna, Chandigarh, Indore and Bhopal,” Kumar said, as reported by ET. “We are currently getting around 10,000 loan applications per month. The target is to scale up to 50,000 in the next 12-18 months.”

The $3 million investment will be used for a variety of purposes including technology development, company and team growth.

“We have already disbursed around Rs 50 crore till date,” Kumar said. “Most of our loans are for an average tenure of 32 months and average ticket size of Rs 2 lakh.”

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